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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, June 16, 2021, Vol. 22, No. 114

                           Headlines



A R M E N I A

AMERIABANK CJSC: S&P Alters Outlook to Stable & Affirms 'B+/B' ICRs


F R A N C E

[*] FRANCE: 7% of Firms in Trouble if Pandemic Support Lifted


I R E L A N D

CVC CORDATUS XX: Moody's Rates EUR13.5MM Class F Notes 'B3'
CVC CORDATUS XX: S&P Assigns B- Rating on Class F Notes
DRYDEN 52 EURO 2017: S&P Assigns Prelim. B-(sf) Rating on F-R Notes


P O R T U G A L

SATA AIR: Moody's Rates EUR120MM Sr. Unsecured Notes 'Ba1'


R U S S I A

NATIONAL RESERVE: Moody's Affirms 'B2' LongTerm Deposit Ratings


S P A I N

FLUIDRA SA: Moody's Hikes CFR to Ba2, Outlook Stable
PYMES SANTANDER 13: Moody's Affirms Caa3 Rating on Class C Notes


U N I T E D   K I N G D O M

BROWN BIDCO: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable
FERGUSON MARINE: GBP25MM Wasted on Nationalization Incorrect
FOOTBALL INDEX: Jersey Court Sets June 22 Hearing Date on Funds
LK BENNETT: Posts GBP3MM Operating Loss Due to Pandemic
SCM CONSTRUCTION: Enters Liquidation, Owes Money to Creditors

STOBART AIR: Esken Nears Southend Airport Stake Sale Agreement
WILLMOTT DIXON: Sets Aside for GBP10.3MM for Remediation Claims

                           - - - - -


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A R M E N I A
=============

AMERIABANK CJSC: S&P Alters Outlook to Stable & Affirms 'B+/B' ICRs
-------------------------------------------------------------------
S&P Global Ratings revised the outlook on Ameriabank CJSC to stable
from negative and affirmed its 'B+/B' long- and short-term issuer
credit rating on the bank.

The revision of the outlook on Ameriabank follows some
stabilization of the macroeconomic and banking environment in
Armenia in 2021. S&P said, "We expect Armenia's real GDP to expand
by 2.5% in 2021 and 4.5% in 2022-2023, following a 6.9% contraction
in 2020. The contraction last year was among the most severe
experienced by peer countries, since COVID-19-related stress was
exacerbated by the conflict between Armenia and Azerbaijan around
Nagorno-Karabakh. We expect that the Armenian banking system will
sustain economic and industry risks at current elevated levels in
2021-2022, reflecting de-escalation of the conflict with Azerbaijan
and gradual reduction of pressures related to the COVID-19
pandemic. We expect that nominal growth in loans and real estate
prices in the Armenian banking system will moderate to about 5%-10%
in 2021-2022. We also anticipate that nonperforming loans (NPLs;
loans more than one day overdue) in the banking system could
increase to 8%-9% of total loans in 2021-2022, from 7.1% at March
31, 2021, while cost of risk will remain elevated at about
1.5%-2.0%, compared with about 3% in 2020."

"We believe Ameriabank is well positioned to retain its leading
market positions in Armenia.Our view is supported by the recovering
macroeconomic environment and due to the bank's strong domestic
brand, professional management team, advanced digitalization
strategy, wealthy and supportive controlling shareholder, and
adequate corporate governance instilled by minority
shareholders--the European Bank for Reconstruction and Development
and Asia Development Bank.

"We expect Ameriabank's capitalization, measured by our
risk-adjusted capital (RAC) ratio, to be a moderate 6.6%-7.0% in
2021-2022.The bank's RAC ratio declined to 6.6% in 2020 from 7.1%
in 2019 because its robust growth was not supported by capital
injections, while its profitability reduced due to narrowing
margins and elevated cost of risk. We expect the bank's lending
book to expand by about 10%-15% on average in 2021-2022 and margins
to stabilize at 5.0%-5.2%. The bank registered 20% loan growth in
2020, partly due to revaluation of its foreign-currency-denominated
loans, which comprised about two-thirds of total loans, due to
Armenian dram depreciation. Our base-case scenario also factors in
a capital injection from a new investor in 2022 to support the
bank's planned growth. We think that in case new capital is
delayed, the bank will be able to support its capital adequacy at
current levels by managing its dividend payout ratio and
controlling asset growth.

"We believe that the bank's conservative and well-developed
risk-management practices and sound business strategy will enable
it to weather an increase in credit losses and asset-quality
deterioration related to COVID-19. We think the bank's NPLs could
increase to up to 4.5%-5.0% of total loans in 2021-2022, from 4.1%
reported at March 31, 2021, and cost of risk could remain elevated
at about 1%-2% in 2021-2022, after a sizable increase to 2.8% in
2020. At the same time, we expect Ameriabank will continue to
demonstrate stronger asset-quality metrics than the domestic system
average. We also expect the bank to maintain its well-diversified
funding profile compared to other domestic and international peers,
and its stable base of resident and nonresident depositors."

The 'B+' long-term rating on Ameriabank is one notch lower than the
'bb-' stand-alone credit profile. This is because S&P believes the
sovereign's lower creditworthiness constrains its ratings on
Ameriabank. Notably, the bank's exposures are predominantly in
Armenia, with strong links to the domestic economy from a business,
funding, and lending, perspective.

The stable outlook reflects S&P's expectation that the bank's
sufficient liquidity, prudent risk management, and strong local
brand will enable it to remain resilient to a still-challenging
macroeconomic environment, including ongoing economic stress
related to COVID-19 and political uncertainty following upcoming
Armenian parliamentary elections.

A negative rating action could follow if there are adverse shifts
in policy-making, which would be detrimental to macroeconomic and
fiscal prospects and increase risks for banking system stability
and recovery, or if there is a resurgence of the conflict with
Azerbaijan.

A positive rating action could follow if reforms over the
medium-term deliver stronger macroeconomic outcomes for Armenia,
translating into a less risky environment for Armenian banks.




===========
F R A N C E
===========

[*] FRANCE: 7% of Firms in Trouble if Pandemic Support Lifted
-------------------------------------------------------------
William Horobin at Bloomberg News reports that as many as 7% of
French firms could be in financial trouble when the government
rolls back the blanket support it has provided during the pandemic,
according to research by Bank of France economists.

The estimate is based on an analysis of over 200,000 balance sheets
received as part of the central bank's annual ratings exercise,
Bloomberg discloses.  It identified firms at risk by singling out
those that recorded an increase in debt and a decrease in cash
during the crisis.

"Between 6% and 7% of all rated firms could be confronted with
difficulties when support measures are lifted," Bloomberg quotes
Bank of France researchers Vanessa Doucinet, David Ly and Ghjuvanni
Torre as saying.

The French government provided some of the most generous support in
Europe during the pandemic after President Emmanuel Macron declared
he would do "whatever it takes" to keep businesses afloat,
Bloomberg relates.

France is now starting to pare back some of that, with only
targeted grants for businesses and plans for the gradual repayment
of more than EUR130 billion (US$158 billion) of state-guaranteed
loans, Bloomberg states.

Identifying the firms at risk as government aid ebbs is key to
tailoring future support.  The finance ministry has already said it
will use artificial intelligence and Bank of France data to channel
as much as EUR3 billion into repairing balance sheets, according to
Bloomberg.

The central bank's researchers noted that the gross debt of
non-financial companies rose by EUR224 billion between the start of
2020 and the end of March 2021, while cash holdings increased by
EUR215 billion, Bloomberg relays.  That means the net increase in
debt was only EUR9 billion, Bloomberg states.

The researchers then identified 14% of firms as being in a
"sensitive" position because they recorded increases in debt
combined with a decrease in cash.  They then excluded the
best-rated firms before the crisis that should be strong enough to
deal with the fallout and also excluded those already in difficulty
before the pandemic began, according to Bloomberg.




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I R E L A N D
=============

CVC CORDATUS XX: Moody's Rates EUR13.5MM Class F Notes 'B3'
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the debts issued by CVC Cordatus
Loan Fund XX DAC (the "Issuer"):

EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR152,800,000 Class A-N Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR124,000,000 Class A-L Senior Secured Floating Rate Loan due
2034, Definitive Rating Assigned Aaa (sf)

EUR21,100,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR25,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR28,100,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR31,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR22,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR13,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be over 95% ramped as of the closing date
and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will be
acquired during the six month ramp-up period in compliance with the
portfolio guidelines.

CVC Credit Partners Investment Management Limited ("CVC") will
manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's 4 ½-year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-N Notes and
Class A-L Loan. The Class X Notes amortise by 12.5% or
EUR250,000.00 over eight payment dates starting from the second
payment date.

In addition to the nine classes of debts rated by Moody's, the
Issuer will issue EUR36,050,000 Subordinated Notes due 2034 which
are not rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the debt in order of seniority.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of European corporate assets from a gradual and
unbalanced recovery in European economic activity.

Moody's regard the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated debt's performance is subject to uncertainty. The debt's
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the debt's
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR450,000,000.00

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3170

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8.5 years


CVC CORDATUS XX: S&P Assigns B- Rating on Class F Notes
-------------------------------------------------------
S&P Global Ratings assigned credit ratings to CVC Cordatus Loan
Fund XX DAC's class A loan and X, A, B-1, B-2, C, D, E and F notes.
At closing, the issuer also issued unrated subordinated notes.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which is in line with
S&P's counterparty rating framework.

Under the transaction documents, the rated loan and notes will pay
quarterly interest unless there is a frequency switch event.
Following this, the rated loan and notes will permanently switch to
semiannual payment.

The portfolio's reinvestment period will end approximately 4.5
years after closing, and the portfolio's maximum average maturity
date will be eight and a half years after closing.

This transaction has a EUR1.5 million liquidity facility provided
by The Bank of New York Mellon for a maximum of four years with the
drawn margin of 2.50%. For the purpose of our cash flows, S&P has
added this amount to the class A loan and notes' balance, since the
liquidity facility payment amounts rank senior to the interest
payments on the rated notes.

  Portfolio Benchmarks
                                                        CURRENT
  S&P Global Ratings weighted-average rating factor     2904.18
  Default rate dispersion                                507.05
  Weighted-average life (years)                            5.29
  Obligor diversity measure                              111.57
  Industry diversity measure                              17.64
  Regional diversity measure                               1.28

  Transaction Key Metrics
                                                        CURRENT
  Total par amount (mil. EUR)                             450.0
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                             141
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                        'B'
  'CCC' category rated assets (%)                          4.00
  'AAA' weighted-average recovery (covenanted) (%)        34.65
  Covenanted weighted-average spread (%)                   3.75
  Reference weighted-average coupon (%)                    4.00

Workout loan mechanics

Under the transaction documents, the issuer can purchase workout
loans, which are bonds or loans the issuer acquired in connection
with a restructuring of a related defaulted obligation or credit
impaired obligation, to improve its recovery value.

The purchase of workout loans is not subject to the reinvestment
criteria or the eligibility criteria. It receives no credit in the
principal balance definition or in the par coverage tests, except
where the workout loan meets the eligibility criteria with certain
exclusions and is either (1) acquired using principal proceeds or
(2) designated a declared principal proceeds workout loan, in which
case it is accorded defaulted treatment. The cumulative exposure to
loss mitigation loans purchased using interest or principal
proceeds is limited to 10.0% of target par.

The issuer may purchase workout loans using either interest
proceeds, principal proceeds, or amounts in the collateral
enhancement account. The use of interest proceeds to purchase
workout loans are subject to (i) all the interest and par coverage
tests passing following the purchase, and (ii) the manager
determining there are sufficient interest proceeds to pay interest
on all the rated notes on the upcoming payment date. The use of
principal proceeds is subject to passing par coverage tests, and
the manager having built sufficient excess par in the transaction
so that the aggregate collateral amount is equal to or exceeding
the portfolio's reinvestment target par balance after the
acquisition. To protect the transaction from par erosion, any
distributions received from workout loans purchased with principal
proceeds will form part of the issuer's principal account
proceeds.

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, S&P has conducted its credit and cash
flow analysis by applying its criteria for corporate cash flow
CDOs.

S&P said, "In our cash flow analysis, we used the EUR450 million
target par amount, the covenanted weighted-average spread (3.75%),
the reference weighted-average coupon (4.00%), and the covenanted
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category."

Principal transfer test

This transaction features a principal transfer test. Following the
expiry of the non-call period, and following the payment of
deferred interest on the class F notes, interest proceeds above
101% of the class F interest coverage amount can be paid into the
principal account. As this is at the discretion of the collateral
manager S&P has considered scenarios in its cash flow analysis
where such amounts are not made.

Amortizing reinvestment target par balance

The transaction documentation requires the collateral manager to
meet certain par maintenance conditions during the reinvestment
period, unless the manager has built sufficient excess par in the
transaction so that the principal collateral amount is equal to or
exceeds the portfolio's reinvestment target par balance after
reinvestment. Typically the reinvestment target par balance is
defined as the initial target par amount after accounting for any
additional issuance and reduction from principal payments to the
notes. In this transaction, the reinvestment target par balance may
be reduced by a predetermined amount, capped at EUR1 million. This
feature may allow for greater erosion of the aggregate collateral
par amount through trading. It may also allow for the principal
proceeds to be characterized as interest proceeds when the
collateral par exceeds this amount, subject to a limit. Therefore,
in S&P's cash flow analysis, it has considered scenarios in which
the target par amount decreases by EUR1 million.

S&P said, "Under our structured finance sovereign risk criteria, we
consider that the transaction's exposure to country risk is
sufficiently mitigated at the assigned ratings.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class A
loan, X, A, B-1, B-2, C, D, and E notes. Our credit and cash flow
analysis indicates that the available credit enhancement for the
class B-1 to E notes could withstand stresses commensurate with
higher rating levels than those we have assigned. However, as the
CLO will be in its reinvestment phase starting from closing, during
which the transaction's credit risk profile could deteriorate, we
have capped our ratings assigned to the notes.

"The class F notes' current break-even default rate (BDR) cushion
is negative at the 'B-' rating level. Based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates, we believe this class is
able to sustain a steady-state scenario, in accordance with our
criteria." S&P's analysis further reflects several factors,
including:

-- The class F notes' available credit enhancement is in the same
range as that of other CLOs S&P has rated and that have recently
been issued in Europe.

-- S&P's break-even default rate at the 'B-' rating level is 28.3%
versus a portfolio default rate of 16.4% if it was to consider a
long-term sustainable default rate of 3.1% for a portfolio with a
weighted-average life of 5.29 years.

-- Whether the tranche is vulnerable to nonpayment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F notes is commensurate with a 'B-
(sf)' rating.

-- The transaction securitizes a portfolio of primarily senior
secured leveraged loans and bonds, and it is managed by CVC Credit
Partners European CLO Management LLP.

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class A
loan and class X to F notes to five of the 10 hypothetical
scenarios we looked at in our recent publication. The results shown
in the chart below are based on the actual weighted-average spread,
coupon, and recoveries.

"For the class E and F notes, our ratings analysis makes additional
considerations before assigning ratings in the 'CCC' category, and
we would assign a 'B-' rating if the criteria for assigning a 'CCC'
category rating are not met."

-- Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit or limit assets from being related to the following
industries: marijuana, tobacco, the manufacturing or marketing of
weapons, thermal coal production, predatory payday lending
activities, pornography, prostitution, and endangered or protected
wildlife trades. Accordingly, since the exclusion of assets from
these industries does not result in material differences between
the transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said. "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

  Ratings List

  CLASS    RATING    AMOUNT       INTEREST RATE         CREDIT
                     (MIL. EUR)                     ENHANCEMENT(%)
  -----    ------    ----------   -------------     --------------
  X        AAA (sf)      2.00     Three/six-month              N/A
                                  EURIBOR plus 0.50%

  A        AAA (sf)    152.80     Three/six-month EURIBOR    38.49
                                  plus 0.81%

  A Loan   AAA (sf)    124.00     Three/six-month EURIBOR    38.49
                                  plus 0.81%

  B-1      AA (sf)      21.10     Three/six-month EURIBOR    28.24

                                  plus 1.40%

  B-2      AA (sf)      25.00     1.95%                      28.24

  C        A (sf)       28.10     Three/six-month EURIBOR    22.00
                                  plus 2.00%

  D        BBB (sf)     31.50     Three/six-month EURIBOR    15.00
                                  plus 3.00%

  E        BB- (sf)     22.50     Three/six-month EURIBOR    10.00

                                  plus 5.61%

  F        B- (sf)      13.50     Three/six-month EURIBOR     7.00
                                  plus 8.33%

  Sub Notes   NR        36.05     N/A                          N/A

  EURIBOR--Euro Interbank Offered Rate.
  NR--Not rated.
  N/A--Not applicable.


DRYDEN 52 EURO 2017: S&P Assigns Prelim. B-(sf) Rating on F-R Notes
-------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Dryden 52
Euro CLO 2017 DAC's class X, A, B-1-R, B-2-R, C, D-R, E-R, and F-R
notes. At closing, the issuer will issue subordinated notes.

The transaction is a reset of the existing Dryden 52 Euro CLO 2017
transaction which originally closed in July 2017. The issuance
proceeds of the refinancing notes will be used to redeem the
refinanced notes (the class A-1, B-1, B-2, C-1, C-2, D, E, and F
notes), pay fees and expenses incurred in connection with the
reset, and fund the acquisition of additional assets.

The preliminary ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks
                                                       CURRENT
  S&P weighted-average rating factor                  2,916.27
  Default rate dispersion                               619.17
  Weighted-average life (years)                           4.43
  Obligor diversity measure                              92.25
  Industry diversity measure                             18.48
  Regional diversity measure                              1.28

  Transaction Key Metrics
                                                       CURRENT
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                         B
  'CCC' category rated assets (%)                          6.2
  'AAA' weighted-average recovery (%)                    34.88
  Covenanted weighted-average spread (%)                  3.85
  Covenanted weighted-average coupon (%)                  4.15

Loss mitigation obligations

Under the transaction documents, the issuer can purchase loss
mitigation obligations, which are assets of an existing collateral
obligation held by the issuer offered in connection with
bankruptcy, workout, or restructuring of such obligation, to
improve the recovery value of the related collateral obligation.

Loss mitigation obligations allow the issuer to participate in
potential new financing initiatives by the borrower in default.
This feature aims to mitigate the risk of other market participants
taking advantage of CLO restrictions, which typically do not allow
the CLO to participate in a defaulted entity's new financing
request. Hence, this feature increases the chance of a higher
recovery for the CLO. While the objective is positive, it can also
lead to par erosion, as additional funds will be placed with an
entity that is under distress or in default. This may cause greater
volatility in our ratings if the obligation's positive effect does
not materialize. In S&P's view, the presence of a bucket for loss
mitigation obligations, the restrictions on the use of interest and
principal proceeds to purchase such assets, and the limitations in
reclassifying proceeds received from such assets from principal to
interest help to mitigate the risk.

The purchase of loss mitigation obligations is not subject to the
reinvestment criteria or the eligibility criteria. The issuer may
purchase loss mitigation obligations using interest proceeds,
principal proceeds, or amounts in the collateral enhancement
account. The use of interest proceeds to purchase loss mitigation
obligations is subject to:

-- The manager determining that after the purchase there are
sufficient interest proceeds to pay interest on all the rated notes
on the upcoming payment date; and

-- Following the purchase, each interest coverage test must be
satisfied by at least 25%.

The use of principal proceeds is subject to:

-- Passing par coverage tests;

-- The manager having built sufficient excess par in the
transaction so that the aggregate collateral balance is equal to or
exceeds the portfolio's reinvestment target par balance after the
reinvestment, or, if not the case, the amount of principal proceeds
to be applied to the purchase does not exceed the outstanding
principal balance of the related defaulted obligation or credit
impaired obligation;

-- The obligation meeting the restructured obligation criteria;

-- The obligation ranking senior to, or pari passu with, the
related defaulted or credit impaired obligation;

-- The obligation not maturing after the maturity date; and

-- The obligation having a par value greater than or equal to its
purchase price.

Loss mitigation obligations purchased with principal proceeds,
which have limited deviation from the eligibility criteria due to
meeting the restructured obligation criteria, will receive
collateral value credit for principal balance and
overcollateralization carrying value purposes. Loss mitigation
obligations purchased with interest or collateral enhancement
proceeds will receive zero credit. Any distributions received from
loss mitigation obligations purchased with the use of principal
proceeds will form part of the issuer's principal account proceeds
and cannot be recharacterized as interest. Any other amounts can
form part of the issuer's interest account proceeds. The manager
may, at their sole discretion, elect to classify amounts received
from any loss mitigation obligations as principal proceeds.

In this transaction, if a loss mitigation obligation that was
originally purchased with interest subsequently becomes an eligible
collateral debt obligation, the manager can designate it as such
and transfer out of the principal account into the interest account
the market value of the asset. S&P considered the alignment of
interests for this re-designation and considered, for example, that
the reinvestment criteria has to be satisfied following the
re-designation and that the market value of the eligible collateral
debt obligation cannot be self-marked by the manager, among other
factors.

The cumulative exposure to loss mitigation obligations purchased
with principal is limited to 5% of the target par amount. The
cumulative exposure to loss mitigation obligations purchased with
principal and interest is limited to 10% of the target par amount.

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 2.1 years after
closing.

S&P said, "We understand that at closing the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.85%), the
reference weighted-average coupon (4.15%), and the actual
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned preliminary ratings."

Until the end of the reinvestment period on Aug. 15, 2023, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result trading deteriorate the transaction's current risk
profile, as long as the initial ratings are maintained.

S&P said, "At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class X to E-R notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-1-R, B-2-R,
C, and D-R notes could withstand stresses commensurate with higher
ratings than those we have assigned. However, as the CLO will be in
its reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our preliminary ratings assigned to the notes.

"For the class F-R notes, our credit and cash flow analysis
indicates that the available credit enhancement is commensurate
with a lower rating. However, after applying our 'CCC' criteria, we
have assigned a 'B-' rating to this class of notes." The uplift to
'B-' reflects several key factors, including:

-- The available credit enhancement for this class of notes is in
the same range as other CLOs that we rate, and that have recently
been issued in Europe.

-- The portfolio's average credit quality is similar to other
recent CLOs.

-- S&P's model generated BDR at the 'B-' rating level of 20.81%
(for a portfolio with a weighted-average life of 4.43 years),
versus if it was to consider a long-term sustainable default rate
of 3.1% for 4.43 years, which would result in a target default rate
of 13.73%.

-- S&P also noted that the actual portfolio is generating higher
spreads and recoveries versus the covenanted thresholds that S&P
has modelled in its cash flow analysis.

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class X
to E-R notes to five of the 10 hypothetical scenarios we looked at
in our publication "How Credit Distress Due To COVID-19 Could
Affect European CLO Ratings," published on April 2, 2020.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F-R notes."

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. PGIM Fixed Income factors ESG
considerations throughout the investment analysis and
decision-making processes for all strategies across issuers and
asset classes. Since we do not consider there to be a material
difference between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by PGIM Loan
Originator Manager Ltd.

  Ratings List

  CLASS   PRELIM.   PRELIM. AMOUNT  INTEREST RATE CREDIT
          RATING      (MIL. EUR)         (%)       ENHANCEMENT(%)

  X       AAA (sf)        1.50        3mE + 0.50        N/A
  A       AAA (sf)      246.00        3mE + 0.88      38.50
  B-1-R   AA (sf)        16.00        3mE + 1.50      29.50
  B-2-R   AA (sf)        20.00              2.00      29.50
  C       A (sf)         26.00        3mE + 2.15      23.00
  D-R     BBB (sf)       28.00        3mE + 3.15      16.00
  E-R     BB- (sf)       20.00        3mE + 5.97      11.00
  F-R     B- (sf)        15.40        3mE + 8.54       7.15
  Subordinated  NR       44.50           N/A            N/A

  NR--Not rated.
  N/A--Not applicable.
  3mE--Three-month Euro Interbank Offered Rate.




===============
P O R T U G A L
===============

SATA AIR: Moody's Rates EUR120MM Sr. Unsecured Notes 'Ba1'
----------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the EUR120
million guaranteed senior unsecured notes due 2030 issued by SATA
Air Acores S.A. The outlook on the rating is stable.

The assigned Ba1 rating is based solely upon the unconditional and
irrevocable guarantee of scheduled principal and interest payment
(the "Guarantee") provided by the Autonomous Region of Azores
("Azores", Ba1 stable).

SATA is the current parent company of the SATA Group and is mainly
responsible for the provision of connections between the 9 Azores
islands under public service obligations.

RATINGS RATIONALE

The Ba1 rating assigned to SATA's EUR120 million senior unsecured
Notes is in line with the long-term issuer rating of Azores, which
provides an unconditional and irrevocable guarantee of scheduled
principal and interest payment. The terms of the guarantee are
sufficient for credit substitution in accordance with Moody's
Rating Transactions Based on the Credit Substitution Approach:
Letter of Credit-backed, Insured and Guaranteed Debts methodology.

In particular, Moody's considers that the terms of the guarantee
have characteristics of strong guarantee arrangements:

-- the guarantee is irrevocable and unconditional and ensures that
obligations under the guarantee rank pari and passu with Azores'
present or future, direct, unconditional, unsecured and
unsubordinated obligations

-- the guarantee promises full and timely payment of the
obligation including interest and principal payments

-- the guarantee covers payment -- not merely collection

-- the guarantee extends as long as the term of the underlying
obligation will be reinstated and become effective again if
Noteholders have to return moneys after the date on which guarantee
has expired due to any insolvency proceeding or any court
proceeding

-- the guarantee is enforceable against the guarantor and also in
accordance with Portuguese law

-- the guarantee cannot be transferred, assigned or amended by the
guarantor

The guarantee does not explicitly state that it waives all
suretyship defenses, but there are provisions in the Deed of
Guarantee stating that the guarantor would pay all obligations in
full without any exception, reserve, condition or claim. All
payments to be made by the Guarantor under the guarantee shall also
be made without set off or counterclaim and without deduction for
or on account of any present or future taxes, duties, withholdings
or other charges.

The proposed guarantee offered to noteholders forms part of a
EUR255.5 million state aid request (increased from a EUR133 million
state aid requested last year) that the region of Azores has
addressed to the European Commission (EC) under the EC's Rescue &
Restructuring framework. On April 30, 2021 the European Commission
has approved the increase of the guarantee framework to EUR255.5
million but has notified the Portuguese State of its intention to
extend its ongoing in-depth investigation and informed the
Portuguese State that, at that stage, the European Commission had
doubts that the planned restructuring aid was in line with the EU
rules on State aid to companies in difficulty. Particularly, the
European Commission declared that it had doubts on the:

(a) Proportionality of the restructuring aid, given that the
contribution by the Issuer to the restructuring costs are less than
50% (fifty per cent.) meaning that the restructuring aid appeared
to not be limited to the minimum;

(b) Solidity of the assumptions thereunder and the timespan of the
restructuring plan; and

(c) Compliance with the so-called "one time, last time" principle
which states that companies in financial difficulty can only
receive restructuring aid once in a period of 10 years.

The risk that the EC might not approve the restructuring plan to be
submitted are covered in the terms and conditions of the notes
through an early redemption clause. In those two events SATA and
its guarantor would have to notify noteholders of the occurrence of
a mandatory redemption event. Noteholders would demand redemption
of the notes to the government of Acores on first demand under the
guarantee of the notes. Noteholders are also protected through a
put option under certain other circumstances and could claim
repayment of the notes to the issuer and the region of Acores that
would be severally and jointly liable for the repayment of the
notes.

Moody's also note that the Autonomous Region of Azores voluntarily
decided to request SATA to return the amounts referring to the
previous executed capital increases, totalling EUR72.6 million, in
order to remove any obstacles to the approval of the Restructuring
Plan, which has been executed by SATA in the following three
instalments:

(i) EUR24,000,000 executed on March 16, 2021;

(ii) EUR27,000,000, executed on March 17, 2021;

(iii) EUR21,580,735, executed on May 26, 2021.

The Portuguese authorities submitted to the EC the proves of
transfer regarding each of these instalments on 1.06.2021.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

The guaranteed senior unsecured debt rating is fundamentally linked
to the rating of Azores. Any change in Azores' rating would be
expected to translate into a rating change on the Notes.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debts published in May 2017.

CORPORATE PROFILE

SATA is the current parent company of the SATA Group and is mainly
responsible for the provision of connections between the 9 Azores
islands under public service obligations. SATA holds 100% of the
airline company Azores Airlines. Further to operating routes under
PSO -- the linking Lisbon to Santa Maria, Horta and Pico islands
and routes linking Ponta Delgada (Sao Miguel Island) to Funchal
(Madeira Island) -- Azores Airlines operates international flights
to countries with important Portuguese and Azorean communities,
especially in North America.

The SATA Group plays a very important role in inter-island
connections, as well in connections between the AAR and Portugal
mainland, thereby assuring territorial cohesion.

SATA Group is responsible for the operation and management of
Graciosa, Pico, Sao Jorge and Corvo islands airfields, as well as
Flores island terminal, through the company SATA Gestao de
Aerodromos.




===========
R U S S I A
===========

NATIONAL RESERVE: Moody's Affirms 'B2' LongTerm Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service has affirmed long-term local and foreign
currency bank deposit ratings of National Reserve Bank (NRB) at B2
and changed the outlook on these ratings to stable from positive.
Concurrently, Moody's affirmed NRB's Baseline Credit Assessment of
b3, its Adjusted BCA of b2, as well as the bank's long-term local
and foreign currency Counterparty Risk Ratings (CRR) of B1 and its
long-term Counterparty Risk Assessment (CR Assessment) of B1(cr).
The bank's Not Prime short-term local and foreign currency bank
deposit ratings, Not Prime short-term local and foreign currency
CRRs and Not Prime(cr) short-term CR Assessment were also
affirmed.

RATINGS RATIONALE

AFFIRMATION OF THE BCA AND DEPOSIT RATINGS

The affirmation of NRB's BCA at b3 reflects the bank's strong
capital buffer which is counterbalanced by weak financial
performance and lack of business diversification. NRB's bank
deposit ratings benefit from the affiliate support from the bank's
controlling shareholder.

As of December 31, 2020, NRB's problem loans (defined as IFRS 9
Stage 3 loans) decreased to 8% of total gross loans from the 73%
ratio reported as of mid-2020, owing to the sale of a large problem
loan. As of 31 December 2020, the coverage of problem loans with
loan-loss reserves was 132%, much higher than the system average.
However, NRB's strategy envisages a rapid business expansion over
2021-23. In 2020, the bank's gross loans increased 1.5x,
underscoring the untested quality of NRB's rapidly growing loan
book. Moody's expects NRB's problem loan ratio to reach the
sector-average 10% level when the loan growth decelerates.

NRB's capital adequacy dropped in 2020 on the back of the 2.5x
increase in risk-weighted assets, but remained solid with the ratio
of tangible common equity to risk-weighted assets at 45.8% as of
December 31, 2020. NRB's business growth will continue to consume
capital. Another factor suppressing NRB's capital is its weak
operating performance. Although the bank posted RUB84.5 million
profit in 2020, the positive result was driven by a RUB256.5
million financial gain on sale of a large problem loan, while
without this gain NRB would have reported negative return on assets
of around 1.7% for the year. The rating agency forecasts that,
absent any one-off gains, NRB will be close to break-even in the
next 12 to 18 months, as operating income from the increased
business volumes will materialize with a lag.

NRB lacks business diversification as its loan book and customer
deposit base are highly concentrated on a small number of corporate
customers. The bank's newly developed strategy should resolve this
constraint through business expansion, but Moody's believes that,
given the fierce competition from large federal banks, the downside
risks associated with the execution of this strategy remain high.

NRB's b2 Adjusted BCA and B2 deposit ratings incorporate the rating
agency's assessment of a moderate affiliate support to NRB from its
controlling shareholder State Transport Leasing Company (JSC GTLK)
(Ba1 stable). This assumption hinges on State Transport Leasing
Company (JSC GTLK)'s ownership of a significant 81.32% share of
NRB's shareholder capital and State Transport Leasing Company (JSC
GTLK)'s oversight of NRB's strategy and business model executed
through the shareholder's majority vote in the bank's board of
directors.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Governance is highly relevant for NRB, as it is to all entities in
the banking industry. NRB's b3 BCA is constrained by the lack of
clarity over its strategy execution and business development
prospects. Moody's expects NRB's controlling shareholder to refine
the bank's corporate governance framework over time, which will
lead to improvements in the latter's governance practices.
Corporate governance remains a key credit consideration for NRB and
requires ongoing monitoring.

CHANGE OF THE OUTLOOK TO STABLE FROM POSITIVE

Moody's revision of the outlook on NRB's long-term bank deposit
ratings to stable from positive reflects the rating agency's view
that the transition of NRB to a sustainable profitable performance
may take longer than 12 to 18 months, and that any material
improvements in the bank's credit profile are remote. Furthermore,
NRB's potential strategic fit into State Transport Leasing Company
(JSC GTLK)'s core business needs to be more clearly demonstrated,
as NRB's business activities better adjust to those of its
controlling shareholder.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

A further expansion of NRB's business activities and improvement in
its recurring earnings generation, if coupled with prudent and
disciplined risk taking, may, over time, translate into an upgrade
of the bank's BCA and deposit ratings. Another factor which may
lead to a rating upgrade is a greater strategic fit of NRB to its
controlling shareholder, which would enable Moody's to increase its
affiliate support assumptions for the bank.

NRB's ratings may be downgraded if the bank incurs material losses,
leading to an erosion of its total capital adequacy ratio.
Furthermore, any signs of diminished support from State Transport
Leasing Company (JSC GTLK) to NRB, such as an announcement of a
partial or full divestment from the bank, could result in the
downgrade of the bank's deposit ratings.

LIST OF AFFECTED RATINGS

Issuer: National Reserve Bank

Affirmations:

Adjusted Baseline Credit Assessment, Affirmed b2

Baseline Credit Assessment, Affirmed b3

Long-term Counterparty Risk Assessment, Affirmed B1(cr)

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Long-term Counterparty Risk Ratings, Affirmed B1

Short-term Counterparty Risk Ratings, Affirmed NP

Short-term Bank Deposit Ratings, Affirmed NP

Long-term Bank Deposit Ratings, Affirmed B2, Outlook Changed To
Stable From Positive

Outlook Action:

Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in March 2021.




=========
S P A I N
=========

FLUIDRA SA: Moody's Hikes CFR to Ba2, Outlook Stable
----------------------------------------------------
Moody's Investors Service has upgraded to Ba2 from Ba3 the
corporate family rating and to Ba2-PD from Ba3-PD the probability
of default rating of Fluidra S.A., a Spanish-based multinational
group serving the residential and commercial pool and wellness
sector. Concurrently, Moody's has also upgraded to Ba2 from Ba3 the
guaranteed senior secured ratings on the company's EUR700 million
equivalent term loan and B1 and EUR130 million guaranteed 1st lien
senior secured revolving credit facility. The outlook is stable.

"The upgrade to Ba2 reflects the significant improvement in
operating performance in 2020 driven by strong consumer demand for
pool products and the expectation that this positive momentum will
continue in 2021, which will support a further improvement in
Fluidra's credit metrics," says Giuliana Cirrincione, Moody's lead
analyst for Fluidra.

"The upgrade also reflects the company's leading position in the
global pool equipment market and its track record of prudent
financial policies and solid free cash flow generation," adds Mrs.
Cirrincione.

RATINGS RATIONALE

The rating upgrade reflects Moody's expectation that Fluidra's
sustained earnings growth will continue over the next 12-18 months,
resulting in an improvement in credit metrics. Moody's expects the
company's financial leverage -- measured as Moody's adjusted gross
debt to EBITDA -- to decline towards 2.3x over the next 12-18
months (from 3.0x in 2020), and Moody's adjusted EBITDA margins to
rise to above 20% going forward, well within the thresholds for the
Ba2 rating.

Fluidra benefitted from the expansion of the residential pool
industry during the pandemic-induced economic recession in 2020, as
travel restrictions, stay-at-home prescriptions and remote working
boosted demand for home-based recreation, resulting in pool
upgrades and growth in the installed base.

As a result, Fluidra reported 9% sales growth in 2020 while
profitability, in terms of Moody's adjusted EBITDA margin, improved
significantly to 19.6% from 13.8% the year before. The
profitability improvement was driven not only by the boost in
volumes following the pandemic, but also by price increases, the
shift to higher-margin product categories and the gradual
achievement of synergies from its merger with Zodiac.

Moody's expects topline growth to accelerate further in 2021, by
around 20%, including also the contribution from the recently
completed acquisition of US-based pool component manufacturer CMP.
This expectation reflects that the continued strong demand for
residential pool upgrades and new construction, mainly in the US
and Europe, is translating into an increase in the backlog, which
already covers most of Fluidra's planned production for the year.
In Q1 2021, the company reported 61% revenue growth and revised its
guidance for the year to annual sales growth of 25%-30%, from 15%
previously.

According to the rating agency's forecasts, revenue trends will
normalize starting from 2022, with growth rates back in the
mid-single digits, mainly driven by the less cyclical aftermarket.
Aftermarket growth will also benefit from the currently strong new
pool construction, as a progressively larger installed base boosts
aftermarket sales (currently 65% of the company's total revenue),
which in turn provide a degree of protection from potential sudden
shifts in consumer demand at times of economic downturns. However,
consumer spending for out-of-home leisure activities will regain
strong momentum once mobility restrictions associated with the
coronavirus pandemic are fully lifted, which in Moody's view
represents a downside to Fluidra's growth prospects from 2022
onwards.

Free cash flow generation will remain good at around EUR80 million
- EUR100 million each year in 2021 and 2022 respectively, albeit at
a lower level compared to 2020 (EUR190 million) due to higher
dividends and capex spending. As a result, leverage reduction will
slow going forward, as Moody's expects Fluidra's excess cash will
largely be used to make shareholder distributions and pursue select
medium-sized M&A opportunities, as long as the company's net debt
to EBITDA ratio remains in line with its long term target of 2.0x.
Despite some M&A risk and anticipated larger shareholder
distributions (which should peak to around EUR170 million in 2021,
including share buybacks for EUR87 million), Moody's expects that
Fluidra will maintain a balanced financial policy and a prudent
liquidity management.

Fluidra's Ba2 rating also factors in the company's material growth
in scale since initial rating assignment in 2018, its global
footprint with a large multi-brand portfolio and geographically
diversified sales; healthy profitability and cash flow generation,
supported by synergies from the recent merger with Zodiac Pool
Solutions LCC, as well as by consistent pricing power; balanced
financial policy, including a net debt to EBITDA target (as
reported by the company) of 2.0x, which is broadly equivalent to a
Moody's adjusted gross leverage of 3.0x; and good liquidity.

The rating remains constrained by Fluidra's relatively narrow
business focus as a pool equipment producer with a concentration on
the residential segment; its exposure to discretionary consumer
spending, although the large share of more resilient aftermarket
sales provides a degree of protection from the cyclicality of new
pool construction; and risks related to shareholder distributions
and medium-sized acquisitions, which constrain cash generation and
a further reduction in financial leverage.

LIQUIDITY

Fluidra's liquidity is good, supported by (1) a cash balance of
EUR90 million as of end of March 2021 (after the significant cash
absorption in the first quarter of the year due to the typical
working capital seasonality), (2) the expectation of a solid free
cash flow generation of minimum EUR80 million - EUR100 million per
annum, and (3) access to a EUR130 million RCF and a $230 million
ABL. The RCF and ABL are intended for financing working capital,
with peak utilisation in the first half of the year.

These liquidity sources will comfortably cover Fluidra's cash
needs, including the large intra-year working capital swings of up
to EUR200 million; capital spending of around EUR85 million,
(including operating lease adjustment); assumed annual acquisition
spending of up to EUR35 million (compared to EUR250 million in 2021
which includes the larger-than-average acquisition of CMP); and
dividend payments and share buybacks averaging approximately EUR150
million annually in 2021-22. Fluidra does not face any significant
debt maturities until July 2025, when its TLB is due, assuming no
utilisation of the RCF and the ABL, which are due in 2024 and 2023,
respectively.

STRUCTURAL CONSIDERATIONS

The Ba2 ratings assigned to the senior secured TLB and the RCF are
in line with the CFR, reflecting the fact that these facilities
rank pari passu among themselves and constitute most of Fluidra's
debt. The TLB and the RCF benefit from a first-priority pledge over
substantially all of the group's tangible and intangible assets
other than receivables, inventories and cash, over which the ABL
has a first-priority pledge and the TLB and the RCF have instead a
second-priority pledge.

However, the ABL does not cause any structural subordination to the
TLB and the RCF because the ABL facility represents a relatively
small portion of the group's capital structure and the pledged
assets over which the ABL has a first-priority pledge have a
limited size compared with that of the company's entire asset
pool.

The TLB, the RCF and the ABL are all guaranteed by Fluidra and each
of its material restricted subsidiaries. The RCF is subject to a
springing financial covenant based on the first-lien net leverage
ratio, tested only if the RCF is more than 40% drawn, against which
Moody's expects the company to retain ample capacity (test level is
5.65x).

Moody's has assumed a 50% recovery rate in absence of any financial
maintenance covenant in the TLB, which implies a probability of
default rating of Ba2-PD.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Fluidra's
credit metrics will remain strong over the next 12-18 months,
despite a progressive normalization of market demand post-pandemic,
on the back of continued efficiency improvements, pricing power and
favorable product mix.

The stable outlook also assumes that Fluidra will maintain a
balanced financial policy, whereby the already achieved net
leverage target of 2.0x will be prioritized over dividends, share
buybacks and acquisition spending.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given that the company is already operating at the lower end of its
leverage target of 2.0x, further upward pressure on the rating is
more limited. However, overtime, upward pressure on the rating
could materialise if earnings growth and operating efficiency
improvements continue combined with increased scale and business
diversification, leading to a Moody's adjusted gross debt to EBITDA
ratio below 2.0x on a sustained basis. A rating upgrade would also
require that a good liquidity is maintained.

Fluidra's ratings could be downgraded if operating performance
weakens as a result of a sustained deterioration in demand or
market position, such that Moody's adjusted gross debt to EBITDA
rises above 3x on a sustained basis. Negative pressure could also
materialise if the company fails to maintain a good liquidity
profile as a result of an aggressive M&A strategy or significantly
higher than-expected shareholder distributions.

LIST OF AFFECTED RATINGS

Issuer: Fluidra S.A.

Upgrades:

- Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD

- LT Corporate Family Rating, Upgraded to Ba2 from Ba3

- BACKED Senior Secured Bank Credit Facilities, Upgraded to Ba2
from Ba3

Outlook Action:

- Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

COMPANY PROFILE

Headquartered in Sant Cugat del Valles, Spain, Fluidra is the
world's largest producer of pool equipment and wellness solutions
with an 18% share of the global pool equipment market. The company
operates across 45 countries and has more than 5,500 employees. In
2020, Fluidra reported sales of EUR1.5 billion and EBITDA of EUR317
million. The company's largest shareholders are Fluidra's founding
families (28.1%) and Rhone Capital (16.57% stake), with the
remaining shares in free float.


PYMES SANTANDER 13: Moody's Affirms Caa3 Rating on Class C Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of one note in
FONDO DE TITULIZACION PYMES SANTANDER 13 ("Pymes Santander 13").
The rating action reflects the increased level of credit
enhancement for the affected Notes.

EUR445.5M Class B Notes, Upgraded to Baa3 (sf); previously on Sep
11, 2019 Upgraded to Ba3 (sf)

Moody's has also affirmed the rating of Class C Notes in Pymes
Santander 13 as it has sufficient credit enhancement to maintain
the current rating:

EUR135M Class C Notes, Affirmed Caa3 (sf); previously on Sep 11,
2019 Affirmed Caa3 (sf)

Pymes Santander 13 is a cash securitisation of standard loans and
credit lines granted by Banco Santander S.A. (Spain) ("Santander",
LT Deposit Rating: A2 Not on Watch / ST Deposit Rating: P-1 Not on
Watch) to small and medium-sized enterprises ("SMEs") and
self-employed individuals located in Spain.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranche.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

The performance of the transaction has continued to be stable since
September 2019. Total delinquencies have decreased in the past
year, with 90 days plus arrears currently standing at 0.51% of
current pool balance. Cumulative defaults currently stand at 1.04%
of original pool balance up from 0.73% a year earlier.

Moody's increased the default probability assumption to 17% from
16% to reflect the portfolio composition based on updated loan by
loan information taking into consideration the current industry
concentration among other credit risk factors.

For Pymes Santander 13, the current default probability is 17% of
the current portfolio balance and the assumption for the fixed
recovery rate is 37.5%. Moody's has decreased the CoV to 31% from
30.9%, which, combined with the revised key collateral assumptions,
corresponds to a portfolio credit enhancement of 24%.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

For instance, Class B Notes credit enhancement has increased to
16.4% from 11.5% since the last rating action in September 2019.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of corporate assets from a gradual and unbalanced
recovery in Spanish economic activity.

Moody's regard the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Counterparty Exposure

The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer or account bank.

Principal Methodology

The principal methodology used in these ratings was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
May 2020.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties and (4) a decrease in sovereign
risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.




===========================
U N I T E D   K I N G D O M
===========================

BROWN BIDCO: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit rating
to Brown Bidco Ltd., Signature's new parent company, and Brown
Group Holding LLC, the initial borrower of the new debt, and its
'B+' issue and '3' recovery ratings to the group's senior secured
facilities--in line with our preliminary ratings assessment.

S&P said, "At the same time, we lowered our issue rating to 'B+'
from 'BB' on the $114 million outstanding senior secured notes due
2028 issued by Signature Aviation US Holdings Inc. and removed it
from CreditWatch negative. The recovery rating is '3' with recovery
prospects of 55% (down from 65%), reflecting its equal ranking and
priority to the senior secured TLB and RCF after amendments.

"We also lowered our long-term issuer credit ratings to 'B+' from
'BB' rating on Signature Aviation Plc and Signature Aviation US
Holdings Inc. and removed them from CreditWatch negative.
Subsequently, we withdrew our issuer credit ratings on Signature
Aviation PLC at the issuer's request and withdrew our issue rating
on the $500 million senior notes, due 2026 and issued by Signature
Aviation US Holdings Inc., following their full redemption.

"The stable outlook reflects our view that Signature's operating
performance will benefit from a gradual recovery of flight volumes
as the impact from the COVID-19 pandemic alleviates, enabling the
group to generate meaningful free operating cash flow (FOCF) and
create financial headroom for potential acquisitions or shareholder
returns."

Affiliates of Blackstone Infrastructure Partners, Blackstone Core
Equity Partners (Blackstone), Global Infrastructure Partners (GIP),
and Cascade Investment LLC (Cascade) have successfully acquired
U.K.-based aviation services provider Signature Aviation PLC
(Signature) for a total consideration of $4.7 billion.

Signature has demonstrated resilient operating performance during
the pandemic, supported by its flexible cost base and management
actions to mitigate the hit from significant declines in flight
activity. In 2020, the group's continuing organic revenue declined
28% year-on-year due to reduced U.S. B&GA flight movements caused
by COVID-19-related restrictions. S&P said, "However, we note that
the U.S. B&GA market recovered swiftly from lows in April 2020,
where it faced a 75% year-on-year decline in business jet
movements. Underlying operating performance in 2020 was supported
by the group's largely variable cost base; fuel is the largest cost
and is passed through to customers. Management also implemented
timely actions to align labor force to reduced flight activity.
Moreover, the group benefited from $61 million of CARES Act grant
income and management initiatives to cut general support costs such
as travel and overheads. In our view, underlying growth prospects
in the U.S. B&GA market remain supportive in the medium term. The
number of business jet flight hours has increased close to 2.0x
faster than U.S. GDP over the past 10 years and the effect of the
pandemic on commercial aviation may lead to a structural increase
in demand for private aviation services. We note that many
commercial airlines decided to consolidate routes, making business
aviation the most efficient solution to travel to locations that
would otherwise require connecting flights."

S&P said, "We expect Signature will maintain relatively high
absolute profitability in the coming years, with S&P Global
Ratings-adjusted EBITDA margins above 20%.The group's relatively
high EBITDA margins, combined with limited working capital and
modest maintenance capital expenditure (capex) requirements, have
enabled it to generate strong FOCF historically. As part of the
take-private transaction, the new owners identified cost-saving
potential associated with the de-listing of Signature, while the
divestment of the ERO division will also remove central general and
administrative costs associated with that business. In our
base-case scenario, we envisage improvements in EBITDA margins as
business flight activity gradually recovers and the group realizes
the targeted cost savings, which will also support FOCF.

"We anticipate the group's cash flow and leverage metrics will be
consistent with a highly leveraged financial risk profile.The
$1.685 billion debt issuance to fund the acquisition has led to
high adjusted leverage at transaction close. We expect S&P Global
Ratings-adjusted debt to EBITDA of 7.3x-7.5x at year-end 2021 and
forecast a reduction to 6.3x-6.5x at year-end 2022, absent major
discretionary spending. We also anticipate that FOCF will weaken
compared with historical performance due to the higher cash
interest burden and increased discretionary capex. In addition,
one-off restructuring (and transaction) costs will weigh on FOCF in
2021. We then anticipate FOCF after lease payments of $50
million-$100 million from 2022. However, this hinges on the pace of
B&GA flight volume recovery and Signature's ability to expand its
revenue and earnings.

"We consider the new owners' consortium to be infrastructure-like
funds that have a long-term investment strategy for
Signature.Although Blackstone is a private-equity firm, it will
exercise joint control with two other investors that do not meet
our definition of a financial sponsor. GIP has a focus on investing
in infrastructure assets--such as airports--and Cascade's
investment in Signature since 2009 demonstrates its long-term
approach toward the company. As a result, we understand the
expected holding period for the new investors is longer than that
we typically observe for private-equity sponsors. In addition, the
takeover was funded with a significant common equity contribution
(approximately 70%), which supports our assessment. However, we
acknowledge the high leverage at closing, which reflects the new
owners' tolerance for significant debt. Although our base-case
scenario does not factor in specific acquisitions because the
timing and magnitude is uncertain at this stage, we understand that
they are part of the growth strategy under the new ownership, which
constrains deleveraging in the future.

"The stable outlook reflects our view that Signature's operating
performance will be supported by gradual recovery of flight
volumes, as the impact from the COVID-19 pandemic alleviates, and
profitability improvements, enabling the group to generate
meaningful FOCF and create financial headroom for potential
acquisitions or shareholder returns.

"We could lower the rating if Signature underperforms our forecast,
resulting in weaker FOCF than we expect combined with increasing
leverage, which could result from prolonged COVID-19-related travel
restrictions." In particular, S&P could lower the rating if it
views that:

-- Adjusted leverage remains sustainably above 7.0x.

-- FOCF after lease payments turns negative.

-- The new owners' financial policy proves more aggressive than
expected, including large debt-funded acquisitions or cash returns
to shareholders.

-- The group faces heightened liquidity pressures.

S&P could consider an upgrade if Signature's new shareholders
demonstrate a prudent application of FOCF, enabling significant
deleveraging, and if it believes adjusted debt to EBITDA would fall
and remain below 5.5x. An upgrade is contingent on the owners'
commitment to maintain a financial policy that would support such
improved ratios on a sustained basis.


FERGUSON MARINE: GBP25MM Wasted on Nationalization Incorrect
------------------------------------------------------------
Alastair Dalton at The Scotsman reports that a claim the Scottish
Government "wasted" GBP25 million in forcing the nationalization of
the struggling Ferguson Marine shipyard was rubbished as "totally
incorrect" by finance secretary Kate Forbes.

It follows an allegation in The Herald on Sunday by former yard
owner Jim McColl, who said ministers had cost taxpayers that sum by
taking over the business after it went into administration in 2019,
The Scotsman notes.

The yard has been at the centre of controversy over its
late-running and vastly over budget contract, with Scottish
Government-owned vessels owner Caledonian Maritime Assets Limited
(Cmal) to build two ferries for west coast operator CalMac, The
Scotsman discloses.

Labour public finance spokesperson Paul Sweeney claimed to MSPs
that when Fergusons went into administration, ministers had "a
contractual right to claim a GBP25 million cash refund guarantee in
the form of an insurance bond from specialist marine insurers HCC
International, which would have seen the insurance company take
control of the shipyard", The Scotsman relates.

According to The Scotsman, he said: "Instead, Scottish ministers
chose to forfeit that GBP25 million and buy the shipyard outright
at a further cost of GBP7.5 million.

"If this GBP32 million forced acquisition was not an alleged misuse
of public funds, an attempt to cover up for the failures of CMal
[Caledonian Maritime Assets Limited] and ministers that caused the
collapse of the shipyard as asserted by the previous management of
Ferguson Marine, will the [Scottish] Government agree to release
all correspondence between the Government HCC and CMal?"

However, Ms. Forbes accused Mr. Sweeney of "effectively re-writing
history" in his claims, The Scotsman relays.

She said: "When it comes to the GBP25 million, it is totally
incorrect to assert, as was in some media reporting, that GBP25
million has been lost to the public purse.

"As is widely known, agreement was reached with HCCI [HCC
International Insurance Company] to release from a performance bond
that they had provided for Fergusons."

Ms. Forbes, as cited by The Scotsman, said ministers had
"pro-actively published extensive information" for a Holyrood
committee inquiry into the ferries contract.

The finance secretary said: "Our intention is to ensure the vessels
are completed, the workforce is saved and the yard has a viable
future."


FOOTBALL INDEX: Jersey Court Sets June 22 Hearing Date on Funds
---------------------------------------------------------------
Nosa Omoigui at iGB reports that a Jersey court has set a date of
June 22 to recognize the High Court's ruling on Football Index
repaying its customers, setting in motion the repayment of GBP3.5
million in player account funds.

According to iGB, approximately GBP3.5 million is due to be repaid
by Football Index from its player protection account, after a High
Court ruling determined the cut-off date after which winnings
accrued would no longer be counted.

The court hearing in question dealt only with funds held in player
accounts, with the status of money spent on or held in active bets
still undetermined, iGB notes.

Currently, the funds are being held by the Viscount of Jersey, who
is expected to release the funds once the court ruling is
recognized, iGB states.

Football Index's operators BetIndex anticipate a wait of between
five and eight working days from the date the Jersey court
officially recognizes the ruling for the movement of funds from its
player protection account into to its payment provider's account,
iGB discloses.

When these funds are moved, players will be notified via email and
the funds will appear in their Football Index accounts, which can
still be accessed on the web, according to iGB.

Players will then be able to request a withdrawal using the same
methods that were available when the platform was active, iGB says.
This withdrawal is expected to take between two and ten working
days, iGB notes.

A redress scheme through a Company Voluntary Arrangement has also
been designed as a means to pay back customers who lost money
through active bets, iGB relates.  Through the CVA, BetIndex hopes
to relaunch the platform with creditors receiving a 50% stake in
the new business, iGB states.

BetIndex first went into administration back in March, iGB
recounts.  After its collapse, the Gambling Commission, defended
its decision not to intervene with Football Index earlier, iGB
discloses.


LK BENNETT: Posts GBP3MM Operating Loss Due to Pandemic
-------------------------------------------------------
Sarah Wood at Punchline reports that high end ladies' fashion
chain, LK Bennett has posted an operating loss of GBP3 million.

The results which have just been released cover the 12 months to
February 2020 -- before any lockdowns, Punchline discloses.

LK Bennett went into administration in March 2019 and its
Gloucester Quays store closed soon afterwards, Punchline recounts.
Despite being bought out of administration in April 2019, its
Cheltenham store closed in August 2019, Punchline relates.

The retailer, which had its CVA approved in December 2020 following
the second national lockdown, achieved turnover of GBP41.4 million
during the period to February 29, 2020, Punchline relays, citing
Retail Gazette.

It was able to continue trading beyond the first lockdown in March
2020 thanks to a loan through Byland Investments in the same month,
Punchline notes.

While it improved its ecommerce platform, it wasn't able to make up
the fall in sales caused by store closures, according to
Punchline.


SCM CONSTRUCTION: Enters Liquidation, Owes Money to Creditors
-------------------------------------------------------------
Henley Standard reports that building firm SCM Construction and
Maintenance Ltd, trading as SCM Group, of Ipsden, has gone into
liquidation.

The company, which carried out the work, was wound up before making
any payment to creditors, Henley Standard discloses.

The company announced it had entered a voluntary arrangement in
April 2020 and began liquidation proceedings in November, Henley
Standard relates.

According to Henley Standard, B&C Associates, of London, which
handled the liquidation, told a couple owed by the company that "a
dividend to creditors does not appear likely".

SCM Construction and Maintenance was formed as SCM (Wycombe) in
September 2010 before changing its name in May 2017.

It changed its name again to Berkshire Builders and Services in
July 2020, three months after entering the voluntary arrangement,
Henley Standard notes.

The three directors, Lee Simpson, Sue Simpson and Abby Corrigan,
all resigned that year, Henley Standard relays.


STOBART AIR: Esken Nears Southend Airport Stake Sale Agreement
--------------------------------------------------------------
Edward Thicknesse at City A.M. reports that the owner of newly
collapsed Stobart Air has confirmed that it is close to agreeing
the GBP120 million sale of a 30% stake in London Southend airport
to private equity group Carlyle.

According to City A.M., in a statement issued on June 14 after
reports that a deal was in the offing, Esken said that it was in
the "final stages" of agreeing the transaction.

"Under the proposed terms of the partnership, Carlyle would provide
GBP120 million of funding net of Carlyle costs via a loan
(convertible at Carlyle's option into an equity stake of 29.99 per
cent in LSA), which would release GBP100 million of liquidity into
the rest of the group," City A.M. quotes Eseken as saying.

The firm, which runs services under the Aer Lingus brand, was due
to be bought by Isle of Man firm Ettyl, but funding for the deal
fell through, City A.M. discloses.

Before the pandemic grounded much of its fleet of 13 turboprop
planes, Stobart operated around 900 flights per week across 30
routes in Ireland, the United Kingdom and western Europe, City A.M.
states.

The news comes just days after Stobart Air went into
administration, putting hundreds of jobs at risk, City A.M. notes.


WILLMOTT DIXON: Sets Aside for GBP10.3MM for Remediation Claims
---------------------------------------------------------------
Ian Weinfass at Construction News reports that Willmott Dixon has
made a GBP10.3 million provision to settle "all claims" against it
relating to cladding and fire-safety remediation on completed
projects.

The contractor's full accounts for the year ending December 31,
2020, reveal that the provision is a rise on the GBP6.2 million
figure set aside in 2019, Construction News discloses.

According to Construction News, the directors have forecast that
remediation costs could range from GBP3.3 million to GBP13.6
million in the next one or two years, adding that GBP10.3 million
was considered an appropriate figure to set aside.

The provision includes any liabilities relating to its former
residential contracting subsidiary, WPHV, formerly Willmott
Partnership Homes, which Construction News revealed had been put
into administration in December, Construction News notes. The
company was criticized by Hackney Council in 2019 over alleged
defects on a block of flats called Bridport House, although legal
action had not been launched, Construction News recounts.

No specific projects are mentioned in the accounts, Construction
News notes.

Willmott Dixon's accounts for 2020 showed turnover fell from
GBP1.25 billion in 2019 to GBP1.19 billion, while pre-tax profit
was down from GBP31.3 million to GBP9.8 million, according to
Construction News.

The contractor released headline figures for its 2020 accounts last
month, with the full version appearing on Companies House,
Construction News relays.

The full accounts provided an update on the administration of WPHV,
with Willmott Dixon still committed to settling amounts owed to
creditors as they fall due despite "having no contractual
obligations to do so", Construction News states.

The public housing business was put into administration on Dec. 22
with net liabilities of GBP15.5 million, Construction News relates.
External creditors were owed GBP7.9 million at the time,
Construction News discloses. Willmott Dixon has recovered GBP2.3
million that is was owed, Construction News notes.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2021.  All rights reserved.  ISSN 1529-2754.

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